In this research,an econometric with panel data using Ordinary least squares OLS model is constructed following the guidelines recommended by the EBA stress test methodology for 2016.The findings indicate that macroec...In this research,an econometric with panel data using Ordinary least squares OLS model is constructed following the guidelines recommended by the EBA stress test methodology for 2016.The findings indicate that macroeconomic factors affecting defaults are the expected ones in the Spanish credit institutions.However,loan impairments do not follow the patterns that a priori would be normal.Divergent is outcomes in defaults and impairments:the Non-Performing Loans(NPL)is pro-cyclical and impairment losses are counter-cyclical.展开更多
The stress tests are based on macroeconomic variables for the estimations of the results.However,there are other factors that may influence them.This paper studies the influence of the balance sheet structure in the N...The stress tests are based on macroeconomic variables for the estimations of the results.However,there are other factors that may influence them.This paper studies the influence of the balance sheet structure in the NPL and the loss caused by the NPL using econometric models.The objective is to research how they affect the aggregates in the balance sheet to the delay in payment and the the provision for impairment,distinguishing these effects according to the economic cycle,so that can be applied to the stress test.The results show that the Balance sheet structure is important in delinquency and losses caused by it,especially in respect of stockholders'funds,ECB resources and the account Non-current assets held for sale.It also highlights the influence of the economic cycle and the different behavior of the NPL and the losses due to default with respect to the same explanatory variables.展开更多
Recreational Ecosystem Services(RES)are among the most frequently evaluated ecosystem services.RES are seen as a major opportunity for sustainable development in areas of high ecological value resulting from the prese...Recreational Ecosystem Services(RES)are among the most frequently evaluated ecosystem services.RES are seen as a major opportunity for sustainable development in areas of high ecological value resulting from the presence of emblematic species,habitats or scenery,often integrated in conservation areas,in particular in mountain areas affected by depopulation,rising environmental risks and poverty.Economically,the assessment of RES has been based on Contingent Valuation and Choice Experiments,methods with limitations related to their subjectivity.Alternatively,Input-Output(IO)models provide a very accurate and effective way of valuation of RES with regional information regarding interindustry transactions.Whilst data on nature tourist expenditure may be only available annually,tourism inflows have a strong seasonal behavior,which impacts the profitability of several local economic activities.In this paper,we firstly constructed a novel regionalized IO-model based on Cross-Industry Location Quotients using employment data and,secondly,based on Monte Carlo simulation,we estimated nature tourist expenditure monthly using data on nature tourism inflows.This method allowed for a more precise RES evaluation,estimating direct,indirect and induced monthly economic impacts of nature-based tourism.The method was applied to the Ordesa and Monte Perdido(OMP)National Park in the Spanish Pyrenees.To estimate the average tourist expenditure,we collected and analyzed spending on commerce,hospitality and restaurants,leisure,and transport of 385 visitors.Results suggest that using a regionalized IO model leads to a considerable reduction of over-estimation of the economic impact of tourist expenditure estimated by conventional methods.Taking into consideration the direct,indirect and induced effects of tourist expenditure in 2016-2018,the total annual output effect in the OMP National Park amounted to€208.8 million,while the total income effect amounted to€86.29 million.Also,a total of 2,429 jobs were created which indicates that for each thousand annual visitors to the National Park,3.8 jobs are created in the surrounding area.Overall,the proposed methodology can be easily applied to the remaining National Parks in Spain or other regions in the world,making it a valuable tool to estimate the value of RES in areas affects by strong seasonality,to set priorities and support regional policies for mountain sustainable development.展开更多
文摘In this research,an econometric with panel data using Ordinary least squares OLS model is constructed following the guidelines recommended by the EBA stress test methodology for 2016.The findings indicate that macroeconomic factors affecting defaults are the expected ones in the Spanish credit institutions.However,loan impairments do not follow the patterns that a priori would be normal.Divergent is outcomes in defaults and impairments:the Non-Performing Loans(NPL)is pro-cyclical and impairment losses are counter-cyclical.
文摘The stress tests are based on macroeconomic variables for the estimations of the results.However,there are other factors that may influence them.This paper studies the influence of the balance sheet structure in the NPL and the loss caused by the NPL using econometric models.The objective is to research how they affect the aggregates in the balance sheet to the delay in payment and the the provision for impairment,distinguishing these effects according to the economic cycle,so that can be applied to the stress test.The results show that the Balance sheet structure is important in delinquency and losses caused by it,especially in respect of stockholders'funds,ECB resources and the account Non-current assets held for sale.It also highlights the influence of the economic cycle and the different behavior of the NPL and the losses due to default with respect to the same explanatory variables.
基金financial support from the Organismo Autónomo de Parques Nacionales(Project V09-Cátedra de Parques Nacionales)。
文摘Recreational Ecosystem Services(RES)are among the most frequently evaluated ecosystem services.RES are seen as a major opportunity for sustainable development in areas of high ecological value resulting from the presence of emblematic species,habitats or scenery,often integrated in conservation areas,in particular in mountain areas affected by depopulation,rising environmental risks and poverty.Economically,the assessment of RES has been based on Contingent Valuation and Choice Experiments,methods with limitations related to their subjectivity.Alternatively,Input-Output(IO)models provide a very accurate and effective way of valuation of RES with regional information regarding interindustry transactions.Whilst data on nature tourist expenditure may be only available annually,tourism inflows have a strong seasonal behavior,which impacts the profitability of several local economic activities.In this paper,we firstly constructed a novel regionalized IO-model based on Cross-Industry Location Quotients using employment data and,secondly,based on Monte Carlo simulation,we estimated nature tourist expenditure monthly using data on nature tourism inflows.This method allowed for a more precise RES evaluation,estimating direct,indirect and induced monthly economic impacts of nature-based tourism.The method was applied to the Ordesa and Monte Perdido(OMP)National Park in the Spanish Pyrenees.To estimate the average tourist expenditure,we collected and analyzed spending on commerce,hospitality and restaurants,leisure,and transport of 385 visitors.Results suggest that using a regionalized IO model leads to a considerable reduction of over-estimation of the economic impact of tourist expenditure estimated by conventional methods.Taking into consideration the direct,indirect and induced effects of tourist expenditure in 2016-2018,the total annual output effect in the OMP National Park amounted to€208.8 million,while the total income effect amounted to€86.29 million.Also,a total of 2,429 jobs were created which indicates that for each thousand annual visitors to the National Park,3.8 jobs are created in the surrounding area.Overall,the proposed methodology can be easily applied to the remaining National Parks in Spain or other regions in the world,making it a valuable tool to estimate the value of RES in areas affects by strong seasonality,to set priorities and support regional policies for mountain sustainable development.
